Monday, December 27, 2010

Comings and Goings

This regular update has become quite irregular, but there has been somewhat of a lull in action now that "everything is better and prices can only go up" again...

-Aegon said it will start contributing loans to BAML deal.

-Barclays is updating the Lehman Agg with a CMBS 2.0 group of indices meant to reflect the post-crash CMBS issuance.

-Are things better or worse? It depends on who you ask:
  1. Ratings Downgrades slowed at the end of 2010 (S&P) - they include RMBS in the report too.
  2. Moody's downgrades Billions of CMBS. (However, the author of this one also describes the downgraded transactions as "structures where the bookrunner is passing through mortgage payments to investors")
-Trepp had some comments out last week regarding the risk surrounding front-pays now that they are mostly trading above par while at the same time loans are being worked out more quickly resulting in some unexpectedly fast pay-downs, and losses to investors. They highlight the CSFB 2005-C2 WAMU Irvine Campus loan (Maguire) that was recently modified with a 45% write down, wiping out classes up into the G class. That same deal also has a $142mm Tri-County Mall Loan that is expected to further wipe out classes up into the C class. They go on to highlight the Springfield Mall ($156.9mm), which is expected to get sold at just $42mm (to its current owner, Vornado. It appraised in January 2010 at $31mm). Springfield Mall was split equally between CMAT 1999-C1 and NASC 1998-D6.

-Freddie Mac is reportedly planning to double it's K series issuance to more than $10 billion in 2011. K10 is expected in the first quarter, expected average size to be $1.2billion, 50-80 mortgages, include a B class. (source: Real Estate Finance & Investment; no link)

Thursday, December 16, 2010

353 N. Clark trades at $320 psf

From Globe St.:

Tishman Speyer has completed the acquisition of 353 N. Clark for $385 million, about $35 million less than it cost seller Mesirow Financial to build the tower that was finished in October 2009. Mesirow had owed roughly $374 million from construction loans that were coming due.

Tishman is making inroads into investing in Chicago, already owning One North Franklin, 161 N. Clark, 10 & 30 South Wacker, the Civic Opera Building and 30 N LaSalle. The company is the largest owner in the city of Class A buildings, said Casey Wold, senior managing director with the company. “This property is a great addition to our world-class office portfolio and the acquisition demonstrates our confidence in the Chicago market,” he said in a statement Wednesday.

Wednesday, December 15, 2010

GSMS 2010-C2 (876.45MM) *Launch*

Tranche M/F Size ($mm)
WAL Subordination
A1 Aaa/AAA 347 4.87

A2 Aaa/AAA 376.072 9.84 17.50%
B Aa2/AA 26.293 9.95 14.50%
C A2/A 29.58 9.95 11.13%
D Baa3/BBB- 47.11 9.95 5.75%
E Ba2/BB 12.051 9.95 4.38%

F B2/B 9.86 9.95 3.25%

G NR 28.485 9.95 0.00%

Seniors are a little wider than talk, subs are on the tight end.

Monday, December 13, 2010

1225 Connecticut Ave NW trades @ $900 PSF

Brookfield sold 1225 Connecticut Ave. NW to The World Bank for $900 psf last week, the highest price ever paid in DC according to several news outlets (sorry can't confirm - but it was in the news, so it must be true).

This building was bought by Brookfield and Blackstone as part of the 2006 Trizec transaction and serves as collateral in COMM 2007-FL14 and MLFT 2006-1, along with other properties. They immediately began a $32mm renovation which was mostly completed in 2008, but finalized in 2009, and signed The World Bank as the sole tenant of the 240,000 square feet in 2008.

Jones Lang LaSalle took the property to market several months ago, but The World Bank has had an option to buy it that originated with the 2008 lease. Also, the CMBS loan matured in 10/2008, and the fully extended maturity is now 10/11/2011.

Someone made money - both deals saw some LCF and front-pays trade recently.

Two California Plaza - Update your models to "PENDING MODIFICATION"

Located in the heart of the U.S.'s former subprime operations headquarters (#3 tenant was Aames), Two California Plaza ($470mm senior in GSMS 2007-GG10 representing 6.30% of the deal) long ago depleted debt service reserves and was coasting on cash from the sponsor (Maguire/MPG). As of the end of the first half of this year, it's NCF DSCR was at 0.92x with 84% occupancy - not horrible, considering, but most investors have been angling for this property to get modified.

Earlier today David Weinstein (MPG CEO) stated
Two California Plaza as part of its core set of assets, and expects to have the opportunity to explore various potential options for doing so once the asset is transferred into special servicing. At this time, we do not believe that funding current and projected operating deficits at this asset with the Company’s precious unrestricted cash is in the best interests of our stockholders.

It originally traded at the peak at a 5% cap rate, roughly. If you apply that same cap rate to today's cash flows, you get a value of $507mm, still above the senior. That is too optimistic a view, in my opinion, but it's not horribly off either for a trophy asset like this. A 6% cap rate dings the first mortgage.

The maturity date is not until 2017, and the coupon is 5.5%. Not clear on what type of modification they are after, but it is definitely headed that way.

GSMS 2010-C2 ($876.45mm) *TALK*

Heard the 7th multi-borrower deal of the year priced, but I haven't seen the final levels. I updated guidance below

Tranche M/F Size ($mm)
WAL Subordination Talk
A1 Aaa/AAA 347 4.87
A2 Aaa/AAA 376.072 9.84 17.50% +130-135
B Aa2/AA 26.293 9.95 14.50% +210-220
C A2/A 29.58 9.95 11.13% +280-290
D Baa3/BBB- 47.11 9.95 5.75% +380-390
E Ba2/BB 12.051 9.95 4.38%
F B2/B 9.86 9.95 3.25%
G NR 28.485 9.95 0.00%

HUNDREDS of new leases coming to America!

That's a little tongue-in-cheek, but nonetheless, one of our favorite blogs Retail Traffic, has some interesting links on retailers that are actually adding stores in 2011:

Family Dollar has revealed it plans to double its annual store growth to 300 locations. Japanese apparel retailer Uniqlo reportedly wants to open 200 U.S.

Uniqlo is the retailer that took over the ground level retail at 666 Fifth Avenue for $20mm this past Spring.

Tuesday, December 7, 2010

Ceasar's $327mm deal?

I haven't seen it, but it was referenced in an article from DJs., which called it an "unrated senior mezzanine floating rate real-estate loan".

Ceasar's is the new name for Harrah's, which went through a big LBO for TPG and Apollo at the peak of the market. Ton of CMBS debt.

Who is buying legacy hotel debt right now at such low yields?

GSMS 2010-C2 ($876.45mm)

This deal got announced today. 43 loans, 108 properties, mostly retail & office, 59% average LTV. No talk yet.

Tranche M/F Size ($mm)
WAL Subordination Talk
A1 Aaa/AAA 347 4.87

A2 Aaa/AAA 376.072 9.84 17.50%
B Aa2/AA 26.293 9.95 14.50%
C A2/A 29.58 9.95 11.13%
D Baa3/BBB- 47.11 9.95 5.75%
E Ba2/BB 12.051 9.95 4.38%
F B2/B 9.86 9.95 3.25%
G NR 28.485 9.95 0.00%

Dwight's Norris sees further CMBS gains

I respect the guys at Dwight. That being said, I'm surprised that they're moving down the curve into AMs and AJs stating that the Super Senior trade is done. I'd argue the AM & AJ trade is about over too. AMs are being quoted in spreads now and all the decent ones are 90-above par. AJs seem to be priced pretty far up too. I'd even go so far to argue that the time to buy B - Ds is past, but the run-up is next year (hopefully)!

From Reuters:

Norris said Dwight -- which manages $64 billion in bonds -- is looking at slightly riskier CMBS known as "AM" and "AJ" classes, which have higher yields but less protection from loss. The risk spreads on those could contract another 1 to 1.5 percentage points, he said.

Dwight's portfolios already overweight with CMBS could expand their weightings to as much as 15 percent from about 9 percent, where prospectus allows, he said. Benchmark indexes have about 3 percent CMBS, he said.

I also disagree with their tenant review of Bob's Gun Shop in Texas as not being a desirable tenant - sounds like a perfect tenant for the upcoming revolution!
"There are also some properties that you want to stay away from," he added. "Maybe a mall in Midland, Texas, that's supported by Bob's gun shop."

Sunday, December 5, 2010

Google offers to buy 111 8th Avenue for $1.9billion

This has a $500mm pari passu senior split up between GCCFC 2004-GG1, GSMS 2004-GG2, MSC 2004-IQ7, MSC 2005-HQ5, and GMACC 2004-C2. It was appraised at $800mm in '04. Current debt matures in April 2014 and carries a 5.78% coupon. It is not clear if they're assuming the debt or working out some new financing. Based on YE '09 numbers that represents a 4.1% cap rate (I realize the WSJ quoted some odd "yield" at the bottom, but I don't know what they're talking about - they don't either)

The WSJ reports:

Google occupies about 500,000 square feet in the building and earlier this fall was reported to be a front-runner in the bidding for the property. The company won partly because it knew the building well and was willing to close the deal before the end of the year, according to people familiar with the matter. While the deal could still fall apart, that is unlikely because the contract is binding and Google has put down a large deposit, these people said.

Friday, December 3, 2010

Americold 2010-A

Americold is financing their purchase of the VersaCold acquisition with a $600mm CMBS deal and $375mm of preferred equity. The loan is a 10-year (25 year am) collateralized by 50 fee-owned and 3 ground lease properties, 48.7% LTV, 16.6% debt yield, 2.34x DSCR, 4.85% rate (spread across 6 CMBS classes, floating/fixed, and subordinate).

Class S/F/R Size WAL
A1 AAA/AAA/AAA $158.68 5.52
A2FX AAA/AAA/AAA $148.83 10.08
A2FL AAA/AAA/AAA $87.50 10.08
B AA/AA/AA $60.00 10.08
C A/A/A $62.40 10.08
D BBB-/BBB-/BBB- $82.60 10.08

Americold also has two other large CMBS loans spread across multiple deals in pari passue notes - DB AmeriCold Portfolio is $350mm and is in CD 2007-CD4, JPMCC 2007-CB18, JPMCC 2007-LDPX, JPMCC 2007-CB19, and GECMC 2007-C1; AND THE CGM Americold Portfolio $325MM loan split between CD 2007-CD4 and CGCMT 2007-C6. The two legacy pari passu loans are performing fine looking at YE 2009 data with 2.34x DSCRs being reported on each. Also, they've been doing similarly structured CMBS loans since the late 90s with GS.

hat tip to "Anonymous" for pointing out this deal that I completely missed. Thanks!

Friday, November 26, 2010

CMBS for the Holidays

After gaining extensions on most of the GGP loans, exiting bankruptcy, and general perceived market improvement, GGP is now looking to ramp up refinancings. We've looked at positions on both ends of the capital stack as front and next pay bonds may shorten, and in the first case that we reviewed GGP passed on a loss to junior bond holders despite not losing any money themselves on Water Tower Place.

Bridger teamed up with New York Mortgage Trust and is offering mezzanine debt to CMBS borrowers - this would be a great business to be in right now.

Berkadia announced that it was going to lend out $200mm for CRE.

CMBS prices are a little overdone, but compared to this week 2008, they are reflecting risks much better. This happens to be the same week that I decided to start getting really long CMBS, in 2008, when we had high teen yields on front pay AAAs, but I'm a seller today.

I'm most thankful that electronic strip searches and groping by government employees has finally gotten a groundswell of opposition from the American public against the government not only stomping all over our rights as citizens, but treating us like criminals, and implementing costly procedures that do not appropriately address the problem. No, I'm not talking about the Fed, I'm talking about the TSA - but take your pick.

However, I also fully support women choosing to wear bikinis through the security lines and men wearing kilts, and I hope that more folks will be choosing these options to help entertain me as I travel in December. I'll be in planes more than all other vehicles combined next month and will be traveling 8 of the 31 days. If you could please click the donate button and ads I could fly private - help me help you. In a day when I can fly private for under $1k and get there faster and on my schedule, $200-$500 tickets and losing 2 - 4 hours of my time dealing with commercial airports is demonstratively less attractive.

Thursday, November 18, 2010


Goldman's out, deal size is smaller, pricing today (maybe).

"Goldman may have simply decided the Libor plus 175 basis points investment was attractive for their own internal investment, whereas large banks are still in a loan exposure reduction mode," said Darrell Wheeler, senior managing director at Amherst Securities Group in New York.


"Not having a rating is fairly experimental and it was likely difficult to find investors for more than a billion of unrated paper," Wheeler said.

Dan Nigro, chief executive of Warfield Consultants, a Montclair, N.J., firm focused on asset-backed and residential mortgage-backed securities, thinks this bond is a precursor to other unrated bonds because the ratings agencies have been discredited during the past few years.

"There is an entire market that trades without ratings and there are enough people who can evaluate these bonds without needing ratings so there will be an evolution to a private market that will be largely unrated," he said.

Thursday, November 11, 2010

When Special Servicer's Attack

At the bottom of the WSJ's article, Street Aims to Reboot CMBS, there was an interesting piece of news: CWCapital is denying Trimont any of the $19mm in fees related to the Extended Stay workout. Trimont was serving as the Special for about a year until investors voted to replace them with CWCapital. The WSJ article implies that CWCapital thinks that Special Servicing Fees are performance based with the following excerpt pulled from the court filings: "during the nearly one year that Trimont was the special servicer, it had no success working out the loan or resolving the bankruptcy case."

The article also talked about the Innskeeper loan dispute between LNR and Midland. I excerpted below so you can skip over the beginning of the article, which is wholly uninteresting, but CrabsOfSteel has reminded us all that it's sometimes worth reading threw the entire article for the good bits. h/t CrabsOfSteel.

That type of gamesmanship is highlighted in two recent lawsuits related to the bankruptcies of Innkeepers and Extended Stay. In the Innkeepers case, LNR Partners Inc. alleges in a lawsuit filed Oct. 27 in New York state Supreme Court that another investor reneged on an agreement to name LNR the special servicer overseeing Innkeepers' $825 million CMBS loan.

LNR alleges that it had a pact with CRES Investment, a division of Presidio Holdings II LLC, stipulating that CRES would hire LNR as special servicer if CRES's slice of the mortgage was deemed the controlling stake. As a side bet, LNR bought slices of the mortgage on its own to better its chances of getting the designation.

However, LNR claims in its lawsuit that CRES, once it was named controlling stakeholder, didn't hire LNR, instead keeping Midland Loan Services as special servicer. "CRES' failure to comply with its contractual obligations is depriving LNR of its bargained-for right to control workout and resolution of the Innkeepers loan," the lawsuit reads.

CRES representatives didn't return calls seeking comment. LNR declined to comment.

A similar dispute emerged in the Extended Stay bankruptcy. Trimont Real Estate Advisors Inc. alleges in a lawsuit filed Sept. 21 in U.S. District Court in Washington, D.C., that rival special servicer CWCapital Asset Management LLC owes it a portion of a $19 million restructuring fee. CWCapital received the fee as special servicer of Extended Stay's $4.1 billion securitized mortgage.

However, Trimont said it is entitled to some of the fee because it was the special servicer in the case for roughly a year.

Prior to a bankruptcy auction that resulted in a sale of Extended Stay and its 680 hotels, Trimont was abruptly replaced as special servicer with CWCapital by investors Bank of America Corp., UBS Securities and Cerberus Capital Management LP.

CWCapital has asked a judge to dismiss the case, noting in its court filing that "during the nearly one year that Trimont was the special servicer, it had no success working out the loan or resolving the bankruptcy case."

Friday, November 5, 2010

NCUA issues $3.8billion ReREMIC (NGN 2010-C1)

NCUA issued a $3.8 billion ReREMIC this week with 3 tranches with WALs from 4.00 - 6.73. All were rated AAA because NCUA wrapped them with their own guarantee for a monthly 2.9bp fee.

CMA reports Barclays was the lead.

The NCUA plans to conduct 8-10 resecuritizations totaling $35 billion, but all of the other deals will be backed by residential MBS. The first such offering, a $3.9 billion issue, priced Oct. 18.

After this week's offering, the agency still has about $560 million of CMBS from other failed credit unions. A spokesman said the NCUA doesn't plan to resecuritize them. While the agency didn't specify an exit strategy, it will presumably sell the remaining paper in the secondary market.

The CMBS resecuritization (NCUA Guaranteed Notes Trust, 2010-C1) is backed by bonds from the investment portfolios of Western Corporate Federal Credit Union and U.S. Central Corporate Federal Credit Union, which were seized last year.

Class Size (mm) WAL Talk Pricing
A1 $613.20 4.00 +70-75 +60
A2 $1,360.80 6.73 +110-115 +100
APT $1,786.00 5.88 +105-110 +100

Thursday, November 4, 2010

PCV/ST 6.67% loss projected by Appraisal

Not too shabby. Does this mean that the ASER will be that low? Probably not - they're still short 40% or so of the monthly debt service.

Wednesday, November 3, 2010

Delinquencies Improve in CMBS

Trepp notes that delinquencies improved 47 bps last month mostly due to the resolution of the ESH loan, which had been delinquent since '09.

Lodging improved 441 bps (ESH-reltaed), but all other sectors worsened:
  • MF worsened 20bps
  • Industrial - 21 bps
  • Office - 6bps
  • Retail - 4bps

Trepp also notes the rally ran out of steam late in October, which is very true. Lofty levels were being hit as late as the third week, but Monday of the last week found a back up in bids. Today started off mixed with the NAIC loss forecasts being adjusted downward.

WBCMT 2007-C33 - The Renaissance ($84mm)

CRENews reports (sorry no link) that Moinian is trying to restructure the terms on this $84mm loan. This was reported initially back in August, but there must be some increased velocity around the negotiations - any big NYC loan mod is going to be watched carefully for indications how others may be handled.

This is not a pure rent-control flip story, although they do receive the j21 tax abatement according to the servicer's notes. Average rents have gone from $2,645 per unit at issuance to ~$2,507 (I'm estimating), although occupancy has increased from 97% to 100%. Also, there is both a condominium and office component (the building was 100% office pre-1999) to the property on the first 13 floors. The property is located in the Financial District

The loan has a debt service reserve that has to be rebalanced on a yearly basis for a forward looking 1.10x DSCR. It also is currently secured by a hard-upfront lockbox. It was appraised on 5/13/2010 at $61.6mm (27% loss to senior, 47% decline from origination appraisal).

How the Elections Affect Retail Real Estate

David Bodamer ponders over the impacts of the elections on our world:
  • Carried Interest tax hike less likely
  • Gridlock in terms of legislative changes.
  • Somewhat counter the prior point, less uncertainty with a Republican in terms of tax increases and pro-business measures
  • Slot machines coming to Arundel Mills (BACM 2007-4 and BACM 2007-5)
In the near term, say 2-4 years, I foresee gridlock, uncertainty, and a lot of negative stuff. How can you make a business decision in this climate without being able to measure the political risk, which is arguably the most predominant risk in MBS markets.

Friday, October 29, 2010

First Euro CMBS Resecuritization

Not clear of the exact structure, but Bloomberg reports (sorry no link) that HSBC and Lazuli are issuing the $119mm deal backed by a portion of the current pay A tranche (Caa1/CCC/BB+ rated currently) from Gemini (Eclipse 2006-3).

The deal is backed by 36 properties stretching from London (12%) to Wales and up into Scotland. The loan was reappraised in '08 at $801mm, or 94.2% current LTV, breaching the 80% LTV covenant - apparently, there was a September '10 revaluation too which brought the current LTV to 106.11%.

Wednesday, October 27, 2010

Ackman/Winthrop Sells PCV/ST Stake to CWCapital

Water Tower Place refis, some bondholders lose

Former Rouse, GGP Mall in Chicago. This was the typical GGP mall with a high DSCR, low leverage (relatively speaking) and good tenants (again, relatively speaking. Matured 9/2010, but they were able to refinance the $131.5mm pari passu CMBS note on 9/28 with a new $200mm loan from Met Life according to Crain's (sorry no link).

The loan was permitted to get mezzanine financing, but frankly I don't know if it did. Regardless, it definitely refinanced into a substantially larger loan giving proceeds back to GGP. It's a little frustrating that bond holders had to eat a $1.2mm loss as both Trusts were charged substantial fees.

Tuesday, October 26, 2010

WFCM 2010-C1 - $735mm

Presale and Structure are out (10/22), talk out 10/26

Class Fitch/MDYs Size ($mm) WAL (yrs) C/E Talk
A-1 AAA/Aaa 162.00 5.05 17.80 +125
A-2 AAA/Aaa 443.25 9.71 17.80 +135
B AA/Aa2 22.08 9.91 14.80 +230
C A/A2 31.28 9.91 10.50 +300
D BBB/Baa3 34.03 9.93 5.90 +400
E Ba2/BBB- 13.80
F B2/B 12.88
G NR/NR 16.56
X-A AAA/Aaa 605.25

X-B NR/Aaa 130.62

UPDATED: As soon as I said "no talk yet", it trickled out.

This is basically a Fusion-Lite deal with 37 loans (59 props) and an average loan size of $19mm (max=185mm, min=3.3mm, Top10=64%).

BALL 2010-HLTN ($2.664bln)

Old Hilton collateral being securitized. Structure is one pass-through note $2.664bln offered ($406mm non-offered interests), 2.86 WAL, 4.54 fully-extended WAL, L+175 coupon.

You'll recall that the toal debt is a whopping $20.6 billion (orig face, $19.256 outstanding) from the $25 billion buyout by Blackstone at the peak. This consists of a nearly $9 billion senior mortgage ($2.664 of which is going in this BALL 2010-HLTN deal), and then another $10 billion-ish of mezzanine debt (9 tranches) and unsecured debt ($666mm). The debt was restructured some, including the retirement of $1.79billion of mezz debt - total outstanding today = $17.4mm. There's also another couple-to-three billion of subordinate loans.

Tuesday, October 19, 2010

Multiple New Issue - WFCM 2010-C1 ($735mm); Hilton; Extended Stay

WFCM 2010-C1 ($735mm) was announced today - first issue off the new shelf for Wells. Collateral is 37 loan, 59 properties, 43.5% BOA, 43% WF, 13.4% Basis RE Cap 2. More to come...

Also, the WSJ reported today that the two largest Hotel CMBS clusterf*cks are coming back with new issues.

Hilton is purportedly first in line with $3bln (this is original debt, still on BOA & GS books).

Extended Stay is then expected out with $2bln before November to partly fund the $3.9bln buyout by Centerbridge/Paulson/Blackstone.

Monday, October 18, 2010

ProLogis selling top tier properties to Blackstone

Bloomberg reported that ProLogis is selling some of its best properties to Blackstone in a $1.02billion sale that includes 180 industrial properties, 3 stakes in real estate funds, and a minority stake in the Hilton New Orleans Riverside Hotel - to close in mid-November.

Villas Parkmerced - CD 2006-CD2 - $550mm

This month's remit reports a 4 month extension until 2/15/2011 (because things will be better then), and notes that Fortress has acquired the mezz (please note the exact structure isn't clear to us, and at least part of it looks like it is in two CRE CDOs) and a controlling interest in the borrower.

An additional $5mm is being plowed into a reserve, but looks like it will be eaten into heavily by fees, and accrued defaulted interest will be deferred until the extension date.

One Federal Street - $262mm in LBUBS 2006-C4

Tishman Speyer retired $62.5mm of mezz debt on One Federal Street according to CRE Direct, leaving it with a 49.5mm mezz note and a 262mm senior mortgage.

Saturday, October 9, 2010

And the Real Winner is...

We called it to soon back in March. The Centerbridge/Paulson/Blackstone investor group swooped in to take Extended Stay out of bankruptcy, quashing the creditor-approved group led by Starwood. More details to come.

There was one bit of unintended humor highlighted in the WSJ report on the matter:
Judge James Peck of the U.S. Bankruptcy Court in Manhattan initially approved Extended Stay's Chapter 11 restructuring plan in July, calling it "perhaps an unprecedented bankruptcy" involving entities "never expected" to file for bankruptcy protection.

I think it's fair to say that a lot of people expected this deal to fail - it epitomizes the rise and fall of the CRE space and Hotels in particular. Blackstone put $3-$4 billion into buying it in 2005, then flipped it to Lightstone in a highly levered $8 billion transaction in 2007, and now they're taking it back.

Friday, October 8, 2010

Blackstone Targets Columbia Sussex

Bloomberg reported today that Blackstone has bought the junior debt associated with the Columbia Sussex portfolio in BSCMS 2006-BBA7.

The irony being that Blackstone sold those hotels to Columbia Sussex at the peak, and is now stealing them back at the trough...

Thursday, October 7, 2010

JPMCC 2010-C2 $1.1bln Priced?

This deal purportedly priced very tight today, but I frankly didn't see it and don't even know the actual name - some help would be greatly appreciated...

The A3 priced at+150 (25 wider than the last LCF AAA) per Bloomberg, and the WSJ quotes Merrill's former, and Barclays' current, CMBS analyst Julia Tcherkassova that the collateral is mostly maturing loans from outstanding CMBS deals.

ClassS&P/FitchSize ($MM)WALSubordination
A-1AAA/AAA$266.70 4.2718.25%
A-2AAA/AAA$243.10 7.1818.25%
A-3AAA/AAA$390.50 9.7918.25%
BAA/AA$37.20 9.8914.88%
CA/A$53.70 9.9110.00%
DBBB+/BBB+$33.00 9.977.00%

Bloomberg also notes that
Deutsche Bank AG plans to sell $856.6 million of bonds backed by commercial mortgages, a person familiar with the offering said today. The securities are tied to 42 loans secured by 63 properties, said the person, who declined to be identified because terms aren’t public.

I did some digging and see a JPMCC 2010-CNTR ($485) from JPM on 9/13 - what was this?